Essential Things to Know About Finance This Week

Around the world, different things are happening. The Greek Debt Crisis has spooked many investors and their financial situation will have banks closed until Monday the following week.

In Sydney, the Australian Dollar has grown stronger than the dollar trading at $74.26, up from 73.84 on Wednesday. The share market also opens lower after Wall Street slumps regarding China and Greece worries.

China's stock market had failed to prop up properly, resulting into an alarming situation for Asia countries.

In Brussels , Greek Prime Minister Alexis Tsipras will create a proposal that will include more austerities before its deadline Thursday night. European Union leaders have issued an ultimatum opting to meet post-proposal about a Greek exit from the Euro if Greece will not comply.

Greece is also set to start pension and tax reforms the following week as demanded by its lenders for its third bailout package to save its financial system. Meanwhile, its banks will remain closed until Monday.

In the US, the IMF Managing Director Christine Lagarde pushes for European lenders to push for debt restructuring to allow propping up of Greece's finances.

The United Kingdom faces fresh austerity measures to remove the country's debt as he shows the consequences of ill-payment with Greece as an example. 

Yanis Varoufrakis: Greece Needs Deal Quickly

Along with French President Francois Hollande, Greek Finance Minister Yanis Varoufrakis sets his sights on a faster development of the Greek bailout deal.

Greece and international lenders need to hasten the development of a bailout deal before an end-June deadline to avoid speculation regarding Greece’s future in the Eurozone. According to Francois Hollande:

"There is an end-June deadline," Hollande told a news conference, referring to the end of a bailout program for Greece and repayment deadlines to the IMF.

"This is the latest possible deadline but nothing stops us from going faster and I think it is in Greece's interest to go faster to avoid doubts or speculation. If we want - and all of us, Greeks and Europeans, have said we do - Greece to stay in the euro zone, we must go towards a solution in a timeframe that is not (as late as) the end of the month."

"In order to make progress we must quickly have, in the coming hours or days, technical talks to narrow positions and to replace the proposals Greece cannot accept with alternative measures.”

Yanis Varoufrakis said:

"What we need is an agreement quickly, we need to avert an accident that would be a mistake.

“Greece’s future is in the EU.

"History would take it down as a failure of the political class of the EU ... Doctor Schaeuble, Mrs Merkel, Mr Tsipras, Mr Juncker, the whole political class - we have an historic duty not to allow this to happen.”

The Tories Have One. What Does It Mean For Your Money?

Now that the UK Conservative Party had taken over majority of the parliament’s seats, it’s time to think long term with a better outlook for your finances. So what does it actually mean for you?

According to Yahoo! Finance’s Felicity Hannah’s list, six things could change.

Taxes – will mean Tories would do good to raise personal allowance to £12,500 with an increased 40% tax threshold with £50,000. However, there’s no value-added tax.

Housing Market- first-time home buyers would mean Help-To-Buy ISAs. For every buyer’s deposit in the ISA, they get a £50 state-sponsored top-up for every £200 they save. This allows them to have a maximum payout of £3000.

Pensions- would include new retirement rules which allow 55 year olds and over access to their pension pots without any restrictions. While UK regulators have warned plenty of retirees to watch out for sharks, this should go ahead.

Benefits- Labour and the Liberal Democrats have promised to increase the benefits for UK employees. The Tories have a different plan in mind. They can lower the household benefit cap from £26,000 to £23,000.

Childcare- parents will now receive up to 30 hours of free term-time childcare a week for three to four-year-old kids. 

TheTelegraph.co.uk has another thing in mind. See it here.

Budgets Are Crucial, So Why Not Make Things Easier? You May Have Missed These Five Best Financial Software in the Market!

Today’s economy can be unforgiving if you’re financially irresponsible. With the stagnant and slightly-recovering Western economies, you’ll want to budget your money and know where it’s going. 

Here’s five of the best accounting software for your personal finance needs.

Conservatives Vs. Labour Party Over UK’s Surplus In Public Finances

According to UK Finance Minister George Osborne, the UK government finances showed a surplus of £8.8 billion in January based on ONS figures. The highest surplus, which is bigger than the forecast £6.5 billion for 2014, is something the Conservatives could be proud of.

Meanwhile, the Labour Party said that bonuses at the top distorted the figures. These bonuses were delayed from the previous year to take advantage of the top rate tax cut. 

How Does it Look Like Inside the World of UK Finance? [Infographic]

The Three Most Unique Ways To Find Business Funding

If you’re having some difficulty finding some funding for your business, you might not be minding the details more than you should. Funding exists in almost every place, not just with banks and venture capitalists. If you want to keep your business equity with you once your startup booms, here are three unique ways to find startup funding.

 

1.    Birthday Parties

During your birthday, you’ll be gathering some of the closest people in your life. These people are interested in knowing what you do for a living. From here, you could do your sales pitch. Make it compelling, and you could receive funding as a birthday gift.

2.    Utilitarianism

Utilitarianism focuses on using every resource you could find. You might have been an engineer during your heydays, but then your business loan applications just get rejected. A good example is to go through the consumer route; purchase a new property, and then sell it once you finish paying for it. Use the money to jump to other things, or you could use the properties to startup your own business.

3.    Ask People During the Most Casual of Engagements

You could ask business feedback from people during restaurant gatherings, birthday parties or coffee shop conversations. As long as they can relate to your products and services, they’ll gladly tell you what they think. You could also ask them to invest by explaining your business plan.